HELP - How do i replace my C-6
Thread Starter
Heel & Toe
Joined: Jul 2014
Posts: 16
Likes: 0
From: Cuddebackville New York
HELP - How do i replace my C-6
Strange question i know, but maybe someone can help me. I recently purchased my very first Vette, a 05 coupe w/a LS2 and evey option that was available in 05. She was a beautiful Silver w/black interior, and i only had my baby for 3 weeks, when my Son took her out to go to the local Deli a mile away from home when Bambi becided to interupt his trip by jumping out into the road forcing him to swerve off the road and up into the woods completely destroying my new baby. Now i know by looking at the damage my insurance will total the car. And like i said ive only had the car for 3 weeks and i haven't even made the first payment on this car. My question to you is,,,Never going through a situation like this before, with a bank and insurance company, How will i be able to replace the Vette. The car was completely covered by insurance and they will pay the finance company, but where does that leave me when all the smoke clears ?
Racer
Joined: Apr 2011
Posts: 498
Likes: 3
From: Blythewood SC
Strange question i know, but maybe someone can help me. I recently purchased my very first Vette, a 05 coupe w/a LS2 and evey option that was available in 05. She was a beautiful Silver w/black interior, and i only had my baby for 3 weeks, when my Son took her out to go to the local Deli a mile away from home when Bambi becided to interupt his trip by jumping out into the road forcing him to swerve off the road and up into the woods completely destroying my new baby. Now i know by looking at the damage my insurance will total the car. And like i said ive only had the car for 3 weeks and i haven't even made the first payment on this car. My question to you is,,,Never going through a situation like this before, with a bank and insurance company, How will i be able to replace the Vette. The car was completely covered by insurance and they will pay the finance company, but where does that leave me when all the smoke clears ?
When the smoke clears, you will have a few weeks of using an early C6. Armed with this knowledge, you get to shop all over again. If you bought really well, you'll get to do so again. If you feel you over paid, you have a second chance to go for a better deal. If you've experienced any buyer's remorse, or have decided there are a few things you'd rather do different the second time around, you get to do them.
The good news is every day there's another well cared for, low mileage vette on the market due to the people who just have to upgrade to something new(er)
Last edited by piper_chuck; Aug 17, 2014 at 01:31 PM.
Drifting
Joined: Sep 2009
Posts: 1,305
Likes: 80
From: Hollister CA
Well. If you haven't made any payments, the best you can hope for is to get back most of your down payment. You don't own the car, your finance company does, so they're the ones who get paid first.
Drifting
Joined: Aug 2012
Posts: 1,732
Likes: 44
From: Richmond TX
Racer
Joined: Aug 2008
Posts: 413
Likes: 22
From: Justin TX
I had a similar claim on a non Vette daily driver. The insurance really screwed me and cut about $4K off the NADA retail value for the car. They backed it up with some documented sales that I suspect was wholesale sales to another dealer or something because there was no way a 2 year old Avalon can be purchased for $18k, but they would not budge. The real interesting thing was I called to try and by the salvage on the car and they already had a $12K offer on the car.
Anyway, I hope you have better luck.
If you have an agreed value policy you will be fine, but if you have standard insurance I suspect you will have some issues. If this is an occasional use car and not a daily driver I suggest checking into an agreed value policy when you replace her.
Anyway, I hope you have better luck.
If you have an agreed value policy you will be fine, but if you have standard insurance I suspect you will have some issues. If this is an occasional use car and not a daily driver I suggest checking into an agreed value policy when you replace her.
Racer
Joined: Sep 2011
Posts: 352
Likes: 6
From: Centreville Maryland
DON'T SETTLE. At least not yet. I am sure your state has a settlement duration where the insurance co must settle or explain to the state why. They hate that. It causes all kinds of problems when they must get approval for rate increases and the like. Get them to go to arbitration and document your case and if they fraudently gave you bogus information they can have other problems. Hold steady for a while. Rent a car.
Racer
Joined: Aug 2008
Posts: 413
Likes: 22
From: Justin TX
DON'T SETTLE. At least not yet. I am sure your state has a settlement duration where the insurance co must settle or explain to the state why. They hate that. It causes all kinds of problems when they must get approval for rate increases and the like. Get them to go to arbitration and document your case and if they fraudently gave you bogus information they can have other problems. Hold steady for a while. Rent a car.
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Le Mans Master
Joined: Sep 2004
Posts: 5,118
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From: Madison (Huntsville) Alabama
CI 6-7-8 Veteran
St. Jude Donor '09
Probably would have been better, and a lot easier to prove the situation, if he'd just hit the deer. Insurance, or at least mine (State Farm) considers that an "act of God" and there is no reflection on your driving record.
But regarding value ... I T-boned a car that pulled in front of me a couple years ago, totaling my Vette. State Farm paid me for my car, then got reimbursed from the other insurance company. SF actually gave me more than the NADA retail for my car. They were really thorough and fair (considered newish tires and the like). I suppose it depends on the company as to what yours will do.
But regarding value ... I T-boned a car that pulled in front of me a couple years ago, totaling my Vette. State Farm paid me for my car, then got reimbursed from the other insurance company. SF actually gave me more than the NADA retail for my car. They were really thorough and fair (considered newish tires and the like). I suppose it depends on the company as to what yours will do.
Race Director
Joined: Oct 2008
Posts: 16,671
Likes: 7,738
From: NJ
Strange question i know, but maybe someone can help me. I recently purchased my very first Vette, a 05 coupe w/a LS2 and evey option that was available in 05. She was a beautiful Silver w/black interior, and i only had my baby for 3 weeks, when my Son took her out to go to the local Deli a mile away from home when Bambi becided to interupt his trip by jumping out into the road forcing him to swerve off the road and up into the woods completely destroying my new baby. Now i know by looking at the damage my insurance will total the car. And like i said ive only had the car for 3 weeks and i haven't even made the first payment on this car. My question to you is,,,Never going through a situation like this before, with a bank and insurance company, How will i be able to replace the Vette. The car was completely covered by insurance and they will pay the finance company, but where does that leave me when all the smoke clears ?
Instructor
Joined: Oct 2011
Posts: 126
Likes: 1
From: Carrollton Tx
Most insurance companys pay "ACV" actual cash value. This is based on vehicle year, mileage, condition, options, etc. They do not pay you for what you paid for the vehicle unless you have a new car replacement policy which does not apply to older vehicles. If you are "upside down" pray you purchased "gap insurance". Go over the ACV report with the insurance company and make sure they have all the options correct. The VIN does not always deode all options. If you have any aftermarket items make sure they add those for additional value consideration. Request a copy of the ACV report. Good luck.
Drifting
Joined: Nov 2008
Posts: 1,307
Likes: 25
From: NY NY